1989 - WAEC Accounting Past Questions and Answers - page 5
41
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of the loan capital of the business?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the total of the loan capital of the business?
A
N10,000
B
N30,000
C
N40,000
D
N60,000
correct option: d
Users' Answers & Comments42
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the working capital?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the working capital?
A
N90.00
B
N5.00
C
N40.00
D
N30.00
correct option: a
Users' Answers & Comments43
Use the following information to answer the given question:
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the percentage of equity to the total capital employed?
Issued capital.................100,000
Ordinary shares................40,000
Preference shares..............30,000
Reserves.......................10,000
Debentures.....................60,000
Current........................150,000
Fixed assets...................90,000
Current assets.................240,000
What is the percentage of equity to the total capital employed?
A
42%
B
12%
C
56%
D
59%
correct option: b
Users' Answers & Comments44
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the total of raw materials consumed?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the total of raw materials consumed?
A
N144,000
B
N144,000
C
N70,000
D
N62,000
correct option: d
Users' Answers & Comments45
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the prime cost?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the prime cost?
A
N62,000
B
N70,000
C
N78,000
D
N102,000
correct option: d
Users' Answers & Comments46
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the factory cost of production?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the factory cost of production?
A
N144,000
B
N102,000
C
N78,000
D
N102,000
correct option: a
Users' Answers & Comments47
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the cost finished goods purchased?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the cost finished goods purchased?
A
N60,000
B
N50,000
C
N140,000
D
N30,000
correct option: e
Users' Answers & Comments48
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the net sales for the period?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the net sales for the period?
A
N175,000
B
N170,000
C
N165,00
D
N132,000
correct option: c
Users' Answers & Comments49
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the average stock of finished goods?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the average stock of finished goods?
A
N8,000
B
n9,000
C
N10,000
D
N11,000
correct option: d
Users' Answers & Comments50
Use the following information to answer the given question
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the gross profit?
MANUFACTURING AND TRADING ACCOUNTS
\(\begin{array}{c|c} & N & & N \ \hline \text{Opening raw material} & 10,000 & \text{Manufacturing cost} & 114,000 \ purchases & 60,000 \ & \overline{70,000} & & \ \text{Less: Closing raw material} & 8,000 & & \ & \overline{62,000} & & \ \text{Direct labour} & 20,000 & & \ \text{Direct expenses} & 20,000 & & \ \text{Factory overhead} & 12,000 & & \ & \overline{114,000} & & \overline{114,000} \ & & & \text{_______} \ \text{Stock b/d} & \overline{10,000} & sales & X \ Purchases & X & \text{Less sales returns} & 5,000 \ \text{Manufacturing cost} & 114,000 & & \ & \overline{144,000} & & \ \text{Stock c/d} & 12,000 & & \ & \overline{132,000} & & \ \text{Gross profit 20% on sales } & \text{_______} & & \text{_______}\ & X & & X \end{array}\)
What is the gross profit?
A
N33,000
B
N28,800
C
N28,500
D
N26,400
correct option: b
Users' Answers & Comments